Fund Characteristics

• The GAMCO Westwood SmallCap Equity Fund seeks to provide long-term capital appreciation.

• The Fund targets undervalued equities that have a market capitalization between $100 million and $2.5 billion.

• The Portfolio Manager employs bottom-up fundamental research with an emphasis on balance sheets, asset values, cash flow and earnings growth potential.

Investment Strategy

• Broadly diversified portfolio

• Disciplined, research-driven

• Strict valuation criteriaStrict valuation criteria

• Seeks pricing inefficiencies

• Catalyst and growth to unlock value

• Consistent buy and sell discipline

Portfolio Management

Nicholas F. Galluccio
President and Chief Executive Officer
Teton Advisors, Inc

• M.B.A. Columbia Graduate School of Business

• M.A. Columbia University

• B.A. University of Hartford

• 28 years of investment experience

• Fund manager since July 2008

• Joined Teton Advisors in July 2008

The Fund's share price will fluctuate with changes in the market value of the Fund's portfolio securities. Stocks are subject to market, economic and business risks that cause their prices to fluctuate. When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the Fund.

Investors should consider the investment objectives, risks, sales charges and expense of the fund before investing. Securities of smaller companies present greater risks than securities of larger, more established companies. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies, therefore, investing in this sector involves special challenges.

Investors should consider the investment objectives, risks, sales charges and expense of the fund carefully before investing. The prospectus contains more complete information about this and other matters. The prospectus should be read carefully before investing. You can obtain a free prospectus by calling Teton Advisors, Inc. at 1-800-WESTWOOD (1-800-937-8966), or contacting your financial representative or by visiting http://www.tetonadv.com.

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